StockMarketWire.com - Over-50s services group Saga swung to a modest first-half profit, thanks to gains on a property disposal, but it recorded underlying losses as the pandemic continues to weigh on its cruise business.

Pre-tax profit for the six months through July amounted to £0.7 million, compared to year-on-year losses of £55.5 million.

Underlying losses, however, amounted to £2.8 million, swinging from a year-on-year underlying profit of £15.9 million.

Revenue slumped 19% to £156.4 million and the company didn't declare a full-year dividend.

Saga, which also has an insurance division, said it had performed in line with expectations against a backdrop of continuing Covid-19 challenges.

'Following the successful restart of operations in our travel business, we continue to work towards a full return to service, while remaining mindful of future potential volatility relating to Covid-19,' cheif executive Euan Sutherland said.

'As we have demonstrated through the last 18 months, we will continue to take an agile, proactive approach to navigate any challenges.'




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